However, a source with knowledge of Walcott's plans has told ESPN FC that the forward wants to stay and fight for a place at Arsenal, despite the club waiting to hear whether Leicester striker Vardy will accept an offer to join this summer.
The Telegraph reported that Walcott would no longer be competing for a first choice position upfront, which would obviously be true if Vardy joins, with Walcott accepting that he would have to fight for a place on the right wing. Walcott faces added competition from the likes of Alex Iwobi, and with Arsenal heavily linked with Borussia Dortmund's Henrikh Mkhitaryan, there could be a number crunch in the wide positions.
Walcott, of course, can still offer cover at centre forward, and with a better functioning midfield, he could even still be a success there, as he was when Arsenal beat Manchester United 3-0 in October. With Danny Welbeck out until February 2017, that positional flexibility is not unimportant, and could give Walcott the edge to staying at the club over someone like Joel Campbell, or even Alex Oxlade-Chamberlain, both of whom the club are said to be open to offers for.